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31 Mar 2014
USD/JPY bulls sopped before a new attack?
FXStreet (Moscow) - USD/JPY stalled at 103.20 resistance after setting the intraday high at 103.26. The short-term correction may bring the pair back t the support of 103.00
USD/JPY bulls have good chances
USD/JPY is well above 103.00 pivotal level which makes the mid-term picture a bit brighter, though to get the full control over the situation the bulls need to take the pair through the resistance level of 103.50 that capped the upside early in March. There are several factors that may support the bullish case this week: first, USA publishes lots of macro economic data that may prove that US economy in the recovery mode. This will increase the rate differential gap between US and Japan and pressure JPY; second, the global risk sentiments are still wobbly as Russian-Ukrainian conflict is still a threat to global geopolitics. Kerry-Lavrov meeting ended in traditional cautious rhetoric that they are working on the issues. On the intraday basis the resistance is seen at 103.50. Anyway, the pair should close firmly above 103.00 to maintain upside momentum.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.62, with support below at 102.24, 101.66 and 101.28 with resistance above at 103.20, 103.58, and 104.16. Hourly Moving Averages are bullish, with the 200SMA at 102.20 and the daily 20EMA at 102.29. Hourly RSI is neutral at 68
USD/JPY bulls have good chances
USD/JPY is well above 103.00 pivotal level which makes the mid-term picture a bit brighter, though to get the full control over the situation the bulls need to take the pair through the resistance level of 103.50 that capped the upside early in March. There are several factors that may support the bullish case this week: first, USA publishes lots of macro economic data that may prove that US economy in the recovery mode. This will increase the rate differential gap between US and Japan and pressure JPY; second, the global risk sentiments are still wobbly as Russian-Ukrainian conflict is still a threat to global geopolitics. Kerry-Lavrov meeting ended in traditional cautious rhetoric that they are working on the issues. On the intraday basis the resistance is seen at 103.50. Anyway, the pair should close firmly above 103.00 to maintain upside momentum.
What are today’s key USD/JPY levels?
Today's central pivot point can be found at 102.62, with support below at 102.24, 101.66 and 101.28 with resistance above at 103.20, 103.58, and 104.16. Hourly Moving Averages are bullish, with the 200SMA at 102.20 and the daily 20EMA at 102.29. Hourly RSI is neutral at 68